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More Comet Closures

More Comet stores will close today (10/12/12) including three on the South Coast.

The stores in Titchfield, Eastleigh and Poole will stop trading at the end of the day.

They are among the 125 store closures already announced by administrator Deloitte in a move expected to result in around 3,000 retail job losses. The remaining 70 stores are expected to be closed by Christmas unless a buyer can be found.

Comet collapsed into administration last month in what marked one of the biggest high street casualties since the demise of Woolworths in 2008 and followed a month after the failure of JJB Sports.

A number of firms are thought to have put forward potential bids, with Appliances Online confirming it had made an offer for Comet's website under plans to continue the business exclusively online.

But administrators said last week they had no option but to start closing stores in the absence of a firm offer for the whole of the business.

Around 2,600 jobs have already been axed by administrators, including more than 200 due to the closure of the company's distribution centre in Harlow, Essex, last Friday.

Comet was hit by weak high street trading conditions, competition from online rivals and being unable to secure the trade credit insurance needed to safeguard suppliers.

In particular, it was knocked by the lack of first-time home-buyers, who had been key customers for Comet.